Foran Mining (CVE:FOM) Stock Price Passes Above 50-Day Moving Average – Here’s What Happened

Foran Mining Co. (CVE:FOM) passed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of C$3.23 and traded as high as C$3.25. Foran Mining shares last traded at C$3.23, with a volume of 1,032,727 shares changing hands.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on FOM shares. ATB Cormark Capital Markets downgraded Foran Mining from an “outperform” rating to a “tender” rating and raised their target price for the company from C$5.00 to C$6.60 in a research report on Tuesday, February 3rd. Scotiabank downgraded Foran Mining from an “outperform” rating to a “sector perform” rating and raised their target price for the company from C$6.00 to C$6.60 in a research report on Tuesday, March 24th. Finally, Stifel Nicolaus downgraded Foran Mining from a “buy” rating to a “hold” rating and raised their target price for the company from C$5.50 to C$6.60 in a research report on Wednesday, February 11th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of C$6.34.

Foran Mining Stock Performance

The firm has a market cap of C$1.72 billion, a PE ratio of -247.76 and a beta of 3.68. The firm has a 50-day moving average price of C$3.23 and a two-hundred day moving average price of C$3.23. The company has a quick ratio of 2.90, a current ratio of 6.01 and a debt-to-equity ratio of 18.16.

Foran Mining Company Profile

Foran Mining Corporation engages in the acquisition, exploration, and development of mineral properties. The company primarily explores for copper, zinc, gold, and silver deposits. Its flagship project is the McIlvenna Bay property comprising 38 claims that covers a total area of 20,907 hectares located in east central Saskatchewan. The company was incorporated in 1989 and is headquartered in Vancouver, Canada.